Led by the U.S., the rally in stocks showed no sign of cooling off last week, but the bond market hit some turbulence as short-term yields hit their highest levels since the global financial crisis and long-term rates moved to 10-month highs.

Stocks were modestly higher last week as Republicans in Congress wrapped up the tax reform package and sent it to President Trump, who signed the measure, officially the Tax Cuts and Jobs Act, into law on Friday.